Results 961-980 of 27,945 for speaker:Michael McGrath

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (1 Feb 2024)

Michael McGrath: I thank the Deputy for the question. The tax debt warehousing scheme has offered valuable and practical liquidity support to businesses during the Covid pandemic and continues to support businesses as they recover from the impacts of the pandemic and the cost-of-living crisis. It has assisted businesses with their cash flow during difficult trading periods, preventing business failure. ...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (1 Feb 2024)

Michael McGrath: It is important to emphasise a number of points. One is that the requirement on businesses is to engage with Revenue now and to enter into an agreement by 1 May 2024. I have seen reports that they must have repaid their tax warehouse debt by 1 May but that is not the case. It is not even necessarily the case that there has to be a downpayment by that date but they must have entered into an...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (1 Feb 2024)

Michael McGrath: -----and to monthly repayments. I will perhaps put on record the breakdown in a moment when I get a chance.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (1 Feb 2024)

Michael McGrath: First, the tax debt warehousing scheme is a really good scheme when compared to the interest rates that apply, for example, to other tax debt. Non-warehoused tax debt has a general interest rate of 10% or 8% in the case of income tax underpayments. That just puts in context that this is a really good scheme. We do have to be fair to all of those who did not avail of tax debt...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Code (1 Feb 2024)

Michael McGrath: So hospitality is not among the top sectors benefiting from this scheme.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Reliefs (1 Feb 2024)

Michael McGrath: I thank the Deputy very much. Landlords are an essential feature of a functioning housing market. Rising rents are driven by a shortage of supply, so stabilising and increasing the supply of rental properties should ease upward pressure on rental prices and make it easier for prospective tenants to find affordable homes. The new residential premises rental income relief is a tax relief...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Defective Building Materials (1 Feb 2024)

Michael McGrath: I thank the Deputy. If I may briefly respond to the first point he made, I am satisfied that the Revenue Commissioners will apply the law without fear or favour. I do not direct them on operational matters but they have all of the powers they need and they will fully discharge their responsibilities. They will engage directly with RTÉ and any other relevant parties to ensure all...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Defective Building Materials (1 Feb 2024)

Michael McGrath: The Government position on this is clear. It is our understanding and expectation that once a home is certified and remediated under the scheme, it will be treated for mortgage purposes in the same manner as any other home. This specific issue is being dealt with by the subgroup to which I referred. It met on 11 January. The focus was on the ability of the homes to be mortgaged. The...

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Defective Building Materials (1 Feb 2024)

Michael McGrath: I am very much across the issues involved that are relevant to the work of the Department and the bodies that come under its aegis. The Department is part of the implementation steering group and the subgroup where these issues are being actively discussed. The ability of the homes to be mortgaged was the focus of the first meeting last month and there will be another meeting this month. I...

Written Answers — Department of Finance: Tax Credits (1 Feb 2024)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. For the tax years 2022 and 2023, the maximum value of the credit is €1,000 per year in the case of a jointly assessed couple, and €500 in all...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: Ireland has one of the most progressive systems of taxes and social transfers of any EU or OECD country. These systems contribute to the redistribution of income and to the reduction of income inequality in Ireland. Focusing on the tax system, Ireland’s progressive tax system ensures that the burden of taxation falls most heavily on those with a higher ability to pay. This...

Written Answers — Department of Finance: Tax Yield (1 Feb 2024)

Michael McGrath: The total amount of income tax receipts collected for the Exchequer in 2023 was just under €33.0 billion. PAYE and self-assessed income tax, including USC, account for the vast majority of this. A full breakdown of the subcomponents of income tax in 2023 is still being finalised and will be published in Revenue’s Annual Report in April 2024. I am further advised by Revenue that...

Written Answers — Department of Finance: Tax Yield (1 Feb 2024)

Michael McGrath: Ireland’s taxation of fuel and electricity is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). ETD provisions on mineral oils are transposed into national law in Finance Act 1999 (as amended). Finance Act 1999 provides for the application of excise duty, in the form of Mineral Oil Tax (MOT) to liquid fuels that are...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 94, 102, 122, 143 and 147 together. The VAT treatment of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In accordance with the EU VAT Directive, farmers can elect whether or not to register for VAT in respect of their farming business, and each farmer’s decision on this matter affects how VAT incurred on their...

Written Answers — Department of Finance: Climate Change Policy (1 Feb 2024)

Michael McGrath: The Programme for Government lays out a commitment to achieve emissions reduction of 51% by 2030 relative to 2018, with the enactment of the updated Climate Action and Low Carbon Development (Amendment) Act on 23 July 2021 giving statutory force to this reduction, as well as placing on a statutory basis a net zero target for 2050, and establishing a process for adopting a series of five-year...

Written Answers — Department of Finance: Economic Policy (1 Feb 2024)

Michael McGrath: Cash has an important role in both society and the economy, and involves both access to, and acceptance of, cash. I am working to protect that role in two ways. The General Scheme of the Access to Cash Bill 2024 was published on 23 January, and will preserve cash infrastructure initially at approximately December 2022 levels, accounting for the exit of KBC and Ulster Bank. The Bill...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 97 and 106 together. At the outset, the Deputy should note that the VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate (23% in Ireland), unless they fall within categories of goods and...

Written Answers — Department of Finance: Tax Code (1 Feb 2024)

Michael McGrath: As has been stated on numerous occasions, this Government is committed to the reform of the TV licence. A long-term funding is model is needed, to deliver effective reform and ensure that a secure, sustainable funding model is put in place for our public service media. The Future of Media Commission was established to, amongst other things, consider sustainable public funding model and...

Written Answers — Department of Finance: Fiscal Policy (1 Feb 2024)

Michael McGrath: Sustainable finance has been part of our Ireland for Finance Strategy and its Action Plans since 2019, and Ireland is well placed to become a leading sustainable finance hub. For the past number of years, we have prioritised developing the sustainable finance sector, as part of our international financial services strategy, Ireland for Finance, and in our engagement at EU level. In this...

Written Answers — Department of Finance: Insurance Industry (1 Feb 2024)

Michael McGrath: At the outset, it is important to note that neither I, as Minister for Finance, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU framework for insurance (the Solvency II Directive). Notwithstanding this, the Government has implemented a comprehensive strategy to reform our insurance sector. With respect to...